This topic is divided between homes you currently own and those you are considering to purchase.
Most insurance companies offer new home discounts; the newer the home, the greater the discount. The logic behind this discount follows the improvements in building code revisions, which have resulted in stronger, more wind resistant homes. For many carriers these discounts can be as much as 20 to 30 percent.
The location to the coast plays a big part in pricing. The bottom line here, the closer you are to the Intracostal water way and the ocean, the higher the wind load in your insurance premium. As a side note, rural and frame structures also drive up the cost of your insurance.
Hipped roofs earn big discounts in your premium too. Gable and flat roofs generally do not. This too ties into the structures ability to withstand high winds.
Prior losses to a dwelling are also a rating and eligibility issue. You can contact your insurance agent to order a Comprehensive Loss Underwriting Exchange (CLUE) report on the home you are considering to purchase. Be wary of purchasing a home with prior foundation, water or mold loss. Always use a licensed building inspector to make sure all reported repairs were properly done, as well as to reveal any hidden concerns.
Consider paying for a wind mitigation inspection on the home you are seriously considering to purchase. The inspector must be properly licensed.
Regarding your home insurance, in order to minimize expenses, we suggest either paying for a wind mitigation inspection, or getting one done free through the My Safe Florida Home program offered through the state. To learn more about the My Safe Florida Home Program go to www.fldfs.com.
An approved inspection will maximize those discounts your house is currently due, as well as tell you what needs to be done to gain more discounts.
In both new purchase and existing homes, other ways to lower your premium is to raise your deductibles. Please remember that Florida policies have a separate wind and/or hurricane deductible versus your all other perils deductible.
Never ever insure your home below its calculated replacement cost. Being significantly under insured usually results in penalizing provisions in the policy for partial losses.
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